One of the main solutions to commercializing intellectual assets of universities and research centers is developing spin-off firms. The main objective of this paper to identify and prioritize the challenges these firms confront with to be successful. In this study, we use exploratory mixed method. After reviewing the related literature, we conduct eleven interviews with biotechnology commercialization experts, and extract some key challenges by using thematic analysis. In the quantitative section of the study, we prioritize these challenges using confirmatory factor analysis, t-test and Friedman test. Finally, 41 challenges are identified and classified into six dimensions. The most important challenges include: a) lack of information about and precise understanding of market and customer needs; b) lack of supportive pricing mechanisms; and c) cultural gap between research centers and industrial firms.

Mustar, P. & Wright, M., 2010. Convergence or path dependency in policies to foster the creation of university spin-off firms? A comparison of France and the United Kingdom.. The Journal of Technology Transfer, 35(1), pp. 42-65.